Orient Press Ltd Directors Report

Dear Shareholders,

Your Directors are pleased to present herewith the Thirty Eight

Annual Report of Orient Press Limited (‘the Company) along with Audited Financial Statements for the Financial Year ended

March 31, 2026.

1. Financial Performance

The standalone Audited Financial Statements for the

Financial Year ended March 31, 2026 are prepared in accordance with the relevant Indian Accounting Standards

(IND AS) and Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulation) and provisions of the Companies Act, 2013 ("Act").

The Companys financial performance for the year ended March 31, 2026 is summarized below:

( In Lakhs)

Particulars	Year ended March 31, 2026	Year ended March 31, 2025
Revenue from Operations (Net)	12,813.94	14,253.66
Other Income	472.96	471.27
Profit before Finance Costs,	877.27	792.27
Depreciation and Tax
Less: Finance Cost	596.71	696.45
Less: Depreciation and	437.85	470.17
Amortization expenses
Profit/(loss) before Tax	(157.29)	(374.35)
Less: Tax Expenses	(39.96)	(96.80)
Profit/(loss) after Tax	(117.33)	(277.55)
Other Comprehensive	20.31	11.26
Income/(expense) (net of tax)
Total comprehensive Income	(97.02)	(266.29)
for the year (net of tax)

2. Results of operations and State of Companys affairs

The Company is primarily engaged in the business of printing, flexible packaging and paperboard activities. Over the years, it has established itself as a reliable player in these segments and continues to focus on operational efficiency and profitabilityenhancement. During the last fiscal year, the Company has diversified into the candle manufacturing business. The Company is also focusing on strategic alignment to ensure that each segment contributes meaningfully to long-term shareholder value.

During the year under review, the Company incurred a pre-tax loss of 157.29 Lakhs as compared to a pre-tax loss of 374.35 Lakhs in the previous year, reflecting a reduction in losses. The Net Turnover of the Company stood at 12,813.94 Lakhs for the year as against 14,253.66 Lakhs in the previous year.

3. Dividend

In view of losses incurred by the Company, your Directors have not recommended any dividend for the Financial Year 2025-2026.

4. Finance

The Company is availing its Working Capital Limits from Axis Bank Ltd. & Indian Bank (Allahabad Bank), Term Loan & Vehicle Loan from Indian Bank (Allahabad Bank), Kotak Mahindra Bank Limited and HDFC Bank Ltd. The company has repaid all loan installments on time. During the year under review CARE Rating Agency awarded "CARE BB" Stable rating on the Long term and Short term Bank facilities availed by the Company.

5. Change in Capital Structure

During the Financial Year under review, there was no change in the Capital Structure of the Company.

As on March 31, 2026 the issued and paid-up capital of your Company stood at 100,000,000/- divided into 10,000,000

Equity Shares of 10/- each.

6. Directors and Key Managerial Personnel Retiring by Rotation

Mr. Rajaram Maheshwari (DIN 00249954), Executive

Director of the Company retires by rotation at the ensuing Annual General Meeting of the Company In accordance with the provisions of Section 152 of Companies Act, 2013 and in accordance with the Articles of Association of the Company and, being eligible, has offered himself for re-appointment.

The Board recommends his re-appointment at the ensuing

Annual General Meeting of the Company. Brief profile of

Mr. Rajaram Maheshwari has been given in the Notice convening the Annual General Meeting.

Key Managerial Personnel

As on the date of this report, Mr. Ramvilas Maheshwari, Chairman & Managing Director, Mr. Rajaram Maheshwari, Executive Director, Mr. Prakash Maheshwari, Whole-Time Director, Mr. Gopal Somani, Chief Financial Officerand Mrs. Shubhangi Bhauwala, Company Secretary & Compliance Officer of the Company are the Key Managerial Personnel of the Company in accordance with the provisions of Section

2(51) read with Section 203 of the Companies Act, 2013.

7. Declaration of Independence by Independent Director(s)

& adherence to the Companys Code of Conduct for Independent Directors.

In terms of Section 149 of the Act and the SEBI Listing Regulations, Mr. Deepak Manikant Vaishnav (DIN: 02889935), Mr. Vinay Biyani (DIN: 10723963) and Mrs. Neha

Jagetia (DIN: 10726398) are the Independent Directors of the Company as on date of this Report.

All the Independent Directors of the Company have submitted their disclosurestotheeffectthattheyfulfillall the requirements/criteria of independence as per Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations. Further, all the Independent Directors have affirmed that they have adhered and complied with the Companys Code of Conduct for Independent Directors which is framed in accordance with Schedule IV of the Act

In the opinion of the Board, the Independent Directors possess the requisite expertise and experience and are persons of high integrity and repute. They fulfill the conditions specified in the Act as well as the Rules made thereunder and are independent of the Management.

8. Directors Responsibility Statement

Your Directors to the best of the knowledge and belief and according to the information, explanations and representations obtained by them and after due enquiry, make the following statements in terms of Section 134(3)

(c) and 134(5) of the Companies Act, 2013, that: i. In the preparation of the annual accounts for the year ended March 31, 2026, the applicable accounting standards read with requirements set out under

Schedule III of the Companies Act, 2013, have been followed with proper explanation relating to material departures, if any; ii. The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial Year 2025-2026 and of the loss of the Company for the year under review; iii. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies

Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv. The Directors have prepared the annual accounts on a going concern basis; v. The Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; vi. The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

9. Meetings held during the year reservations, During the year under review,fivemeetings of the Board of

Directors and four Audit Committee Meetings were convened and held. The details of which are given in the Corporate Governance Report which forms part of this Annual Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013. All the recommendations made by the Audit Committee were accepted by the Board.

Pursuant to the requirements of Schedule IV to the

Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a separate

Meeting of the Independent Directors of the Company was also held on May, 26, 2025 without the presence of non-independent Directors and members of the management, to review the performance of non-independent Directors and the Board as a whole, the performance of the Chairperson of the company, taking into account the views of Directors and also to assess the quality, quantity and timeliness of flow of information between the company management and the Board.

10. Committees of the Board

The Board of Directors has the following Committees:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders Relationship Committee

Details of composition, terms of reference and number of meetings held in F.Y. 2025-26 for the aforementioned Committees are given in the Report on Corporate

Governance, which forms a part of this Report. Further, during the year under review, all recommendations made by the various Committees have been accepted by the Board.

11. Companys Policy on Directors Appointment and

Remuneration

The remuneration policy of the Company is directed towards rewarding performance, based on review of achievements on a periodic basis. The Board of Directors has approved Nomination and Remuneration policy and available at the Companys website under the web link: https://www. orientpressltd.com/disclosures.

The term and reference of Nomination and Remuneration

Committee, details of Nomination and Remuneration policy and Committee Meetings are provided in the Corporate Governance Report.

12. Statutory Auditors

Pursuant to the provisions of Section 139 of the Companies

Act, 2013 and the rules made thereunder,M/s. Sarda & Pareek. LLP, Chartered Accountants, registered with the

Institute of Chartered Accountants of India under (Firm

Registration No. 109262W/ W100673) were re-appointed as

Statutory Auditors of the Company at the 34^th Annual General

Meeting of the Company held on September 24, 2022, to (5) years till the conclusion of holdoffice foratermof five the 39^th Annual General Meeting of the Company to be held in the year 2027.

M/s. Sarda & Pareek. LLP, Chartered Accountants has confirmed that they are not disqualified from continuing as

Statutory Auditors of the Company.

13. Auditors Report

The Statutory Auditors Report does not contain any remarks or disclaimers.qualifications,

Statutory Auditors of the Company have not reported any fraud as specified under Section 143(12) of the Act, in the year under review. The Statutory Auditors Report forms part of this Annual Report.

14. Internal Auditors

Pursuant to provisions of Section 138 of the Companies

Act 2013 read with Companies (Accounts) Rules, 2014 the company had appointed "M/s. Shambhu Gupta & Co.," a firm of Chartered Accountants in practice as Internal Auditors of the Company for the Financial Year 2025-2026.

15. Corporate Social Responsibility

The Corporate Social Responsibility Committee was formed pursuant to Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy)

Rules, 2014, to formulate and recommend to the Board, a Corporate Social Responsibility Policy indicating the activities to be undertaken by the Company as specified in Schedule VII to the Act, to recommend the amount of expenditure to be incurred on such activities and to monitor the Corporate Social Responsibility Policy of the company from time to time. However the Committee was dissolved with effect from 1^st August, 2021 & the function of the

Committee will be looked after by the Board as and when CSR provisions will be applicable to the Company.

During the year under review the CSR provisions were not applicable to the Company because the Company had incurred loss in the preceding 3 financial years viz. 2022-23 to 2024-2025.

16. Annual Return

The Annual Return (draft Form No. MGT-7) of the Company as on March 31, 2026 is available on the Companys website and can be accessed at www.orientpressltd.com in the path as follows: Investor Info ? News ? Form MGT-7(F.Y. 2026-27)

Final Signed Form No. MGT-7 will also be made available after the Annual General Meeting & within the time prescribed for filing the same with the Registrar of Companies, Mumbai

17. Secretarial Auditors and Auditors Report

Pursuant to Regulation 24A (1) of the Listing Regulations and Section 204 of the Companies Act, 2013 read with the

Companies (Appointment and Remuneration of Managerial

Personnel) Rules, 2014, the Audit Committee and the

Board of Directors had approved the appointment and remuneration of M/s V. K. Mandawaria & Co., Company Secretaries (Firm Registration No. S1993MH012100), as the Secretarial Auditors of the Company for a term of five (5) consecutive years, commencing from the financial year 2025-26 to the financial year 2029-30.

M/s V. K. Mandawaria& Co., has further confirmed that the Firm is not disqualified from continuing as the Secretarial Auditors under the applicable provisions of the Act, rules made thereunder, Listing Regulations & SEBI Circular No. 185 dated 31^st December, 2024.

The Secretarial Audit Report is attached as "Annexure 1" and forms an integral part of this report. The observations/ remarks made by the Secretarial Auditor in their Report are self explanatory so no further explanation is required.

18. Annual Secretarial Compliance Report

A Secretarial Compliance Report for the Financial Year ended March 31, 2026 on compliance of applicable SEBI

Regulations and circulars/ guidelines issued thereunder were obtained from M/s V.K. Mandawaria & Co. Company Secretaries, and was submitted to both the stock exchanges where shares of the Company are listed.

19. Management Discussion and Analysis Report

Management Discussion and Analysis Report for the financial year under review, as stipulated under Regulation 34 read with Schedule V of the SEBI (LODR) Regulations,

2015 is presented in a separate section forming part of this Report.

20. Corporate Governance

A detailed Report on Corporate Governance practices followed by your Company, in terms of Regulation 34(3) of SEBI Listing Regulations, 2015 together with a Certificate from the Auditors confirming compliance with the conditions of Corporate Governance has been provided separately and forms an integral part of this Report.

21. Related Party Transactions

During the year under review, all related party contracts, arrangements, and transactions were in the ordinary course of business and on an arms length basis.

The Company did not enter into any material related party transactions as per its Policy on Materiality of Related Party Transactions. All transactions were reviewed and approved by the Audit Committee in line with the Policy. There were no transactions with related parties that could potentially conflict with the interests of the Company at large. Accordingly, disclosure under Section 134(3)(h) of the Companies Act, 2013 in Form AOC-2 is not applicable. Disclosures as required under Ind AS-24 "Related Party Disclosures" have been provided in the notes to the financial statements. The Policy on Related Party Transactions is available on the Companys website at www.orientpressltd. com.

22. Conservation of Energy, Technology Absorption & Foreign Exchange Earning & Outgo

Information on Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 is given in "Annexure 2" forming part of this Report.

23. Particulars of Employees

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and

Remuneration of Managerial Personnel) Rules, 2014, as amended, none of the employee of the Company has drawn remuneration in excess of the limit set out in the said rules during the year under review. However, as required under these Rules a statement showing the names, remuneration drawn by them and other particulars of top 10 employees which forms part of this Report, is not being sent with this

Annual Report in terms of the proviso to Section 136(1) of the Companies Act, 2013 but the same is available to any Member of the Company for inspection on request. Disclosures relating to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in the

"Annexure 3" to the Boards Report.

24. Segment Reporting

The Company operates in three primary reportable business segments, namely:

Printing Segment

Flexible Packaging Segment

Paper Board Packaging Segment

The segment-wise performance has been presented in detail in the Management Discussion and Analysis Report, which forms an integral part of this Annual Report. During its the Financial Year 2024-25, the Company diversified operations by adding a new line of business in Candle Manufacturing. The performance of this activity has been disclosed under the category of Other Segment.

25. Vigil Mechanism Policy/Whistle Blower Policy

Pursuant to the provisions of Section 177 (10) of the

Companies Act, 2013 and Regulation 22 of SEBI (LODR) Regulations, 2015, the Company has established a vigil mechanism. The details of Vigil Mechanism are provided in the Corporate Governance Report. The Vigil Mechanism /

Whistle Blower Policy may be accessed on the Companys website at www.orientpressltd.com.

26. Performance Evaluation of the Board, its Committees and Directors

The Nomination and Remuneration Policy of the Company empowers the Nomination and Remuneration Committee to formulate a process for evaluating the performance of

Directors, Committees of the Board and the Board as a whole.

The process for evaluation of the performance of the Director(s)/ Board / Committees of the Board for the Financial Year 2025-2026 was initiated by sending out questionnaires which were prepared by Nomination & Remuneration Committee for the performance evaluation of the Directors, Committees, Chairman and the Board as a whole.

In terms of provisions of Companies Act, 2013 and Schedule II - Part D of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board carried out the annual performance evaluation of its own including the various Committees and individual Directors with a detailed questionnaire covering various aspects of the Boards functioning like, composition of Board and its Committees, Board culture, performance of specific duties and obligations. Based on the feedback received from the Independent Directors and taking into account the views of Executive Directors and the Non-

Executive Directors, the Board evaluated its performance on various parameters such as composition of Board and its committees, experience and competencies, performance of duties and obligations, contribution at the meetings and otherwise, independent judgment, governance issues, effectiveness of flow of information in their Meeting held 26^th May, 2025.

In a separate meeting of Independent Directors, performance of Non-Independent Directors, performance of the Board as a whole and performance of the Chairman was evaluated.

The Board also assessed the quality, quantity and timeliness offlowof information between the Company Management and the Board that is necessary for the Board to effectively and reasonably perform their duties. The above evaluations were then discussed in the Board Meeting and performance evaluation of Independent Directors was done by the entire

Board, excluding the Independent Director being evaluated.

The Board of Directors expressed their satisfaction with the evaluation process.

27. Familiarization Programme for Independent Directors

Pursuant to the provisions of Regulation 25(7) of the SEBI

Listing Regulations read with Schedule IV of the Act, the Company has formulated a Familiarization Program for Independent Directors with an aim to familiarize the

Independent Directors with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company etc., to provide them with better understanding of the business and operations of the Company and so as to enable them to contribute significantly to the Company.

During the year under review, the Company has organized a familiarization programme on 3^rd February, 2026 and highlighted in brief about the Rigid-Box segment of the Company. The details regarding Independent Directors Familiarization Programme imparted during the FY-2025-26 are given under the "Policies & Programme" in the "Investor Info" section on the website of the company i.e. www. orientpressltd.com.

28. Obligation of Company under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

The Company has complied with provisions relating to the constitution of Internal Complaints Committee under

Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and formed an Internal

Complaint Committee to which employees can write their complaints to the Committee. Also the Company has sexual harassment norms in which it formalized a free and fair enquiry process with clear timeline. The Company has duly complied with the provisions of the Maternity Benefit Act,1961 and the applicable Rules framed thereunder, as well as the relevant provisions of the Code on Social Security,

2020, during the Financial Year 2025-26.

The following is a summary of sexual harassment complaints received and disposed off during the year 2025-26:

No. of complaints outstanding at the beginning of the Financial Year- NIL

No. of complaints received- Nil

No. of complaints disposed off Nil

29. Particulars of Loans, Guarantees or Investments

During the year under review, the Company has not given any loan or guarantee or made any investment covered under the provisions of Section 186 of the Companies Act,

2013. Details of Investments made in earlier years have been mentioned, in the Note no. 08 to the Balance Sheet of the Company for the financial year ended on March 31, on 2026.

30. Particulars of Loans Accepted from Directors

The Particulars of Loans accepted by the Company from its

Directors during the Financial Year under report are given in Note no. 56 of the Balance Sheet of the Company for the financial year ended on March 31, 2026.

31. Risk Management

The Company has in place Risk Management policy which takes care of risk identification, assessment and mitigation.

There are no risks which in the opinion of the Board threatens the existence of the Company. Risk factors and its mitigation are covered extensively in the Management Discussion and Analysis Report forming part of the Annual Report.

32. Fixed Deposits

Your Company has accepted fixed deposit from its Members as per the provisions of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules,

2014 during the year under review. Your Company does not have any unpaid or unclaimed public deposits at the end of the Financial Year March 31, 2026. The Company has accepted 268.20 Lakhs during the Financial Year ended March 31, 2026 and Balance of fixeddeposits as on March 31, 2026 is 638.80 Lakhs. The Company has been consistent in timely repayments of Fixed Deposits and does not fail to repay the deposit or part thereof or any interest thereon.

33. Significant or Material orders passed

Courts and During the year under review, there were no significant material orders passed by the Regulators/Courts that would impact the going concern status of the Company and its future operations.

34. Material changes and commitments that have occurred after the close of the Financial Year till date of this report which affects the financial position of the Company

(Pursuant to Section 134(3)(I) of the Companies Act, 2013).

The Board of Directors, at its meeting held on 25th August, 2026, considered and approved a proposal relating to the Companys factory/undertaking situated at Plot No. G-73, M.I.D.C. Tarapur Industrial Area, Boisar 401 506, Dist. Palghar, Maharashtra. The proposal contemplates the sale, transfer, lease, or other form of disposal, in whole or in part, of the said factory. It is proposed that the Plant & Machinery and Factory Equipment etc. are proposed to be shifted to the Companys Greater Noida Factory or any other plant while unusable items may be sold or otherwise disposed off. The transaction, if undertaken, will be carried out on an "as is where is" and "as is what is" basis to any potential unrelated buyer(s) for a consideration of not less than Rs.24 Crores, or such higher value as may be determined at the time of finalization of the transaction.

The Boards decision was based on the fact that, as per the audited financial statements for the year ended 31 ^st March, 2026, the turnover generated by the Tarapur factory constituted only 5.26% of the Companys total turnover, whereas the funds deployed for its operations represented 29.72% of the Companys net worth. In view of this disproportionate contribution, the Board considered that disposal of the Tarapur factory would enable the Company in to release significant reducing the interest burden and mitigating losses, while strengthening the overall financial position of the Company. Except as otherwise stated above, there were no material changes and commitments affecting the financial position of the Company which have occurred between the end of the Financial Year 2025-26 and till the date of this report.

35. Transfer to Investor Education and Protection Fund (A) Transfer of Unpaid Dividend

Pursuant to the provisions of Section 124(5) of the

Companies Act, 2013, your Company had during the year under review, transferred 78,937.50/- to Investor

Education and Protection Fund for unclaimed Dividend declared in the year 2017-2018.This amount was lying unclaimed/ unpaid with the Company for a period of 7 (Seven) years.

(B) Transfer of shares underlying Unpaid Dividend

The Company also transferred 5727 Equity Shares of the Company into the DEMAT Account of the IEPF Authority in terms of the provisions of section 124(6) of the Companies Act, 2013 and the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, as amended from time to time. These Equity

Shares were the Shares of such Shareholders whose unclaimed/unpaid dividend pertaining to Financial Year 2017-2018 had been transferred into IEPF and who have not encased their dividends for 7(Seven) consecutive financial years.

Concerned Shareholders may still claim the shares or apply for refund of dividend to the IEPF Authority in Web Form No. IEPF-5 available on www.iepf.gov. in. The voting rights on shares transferred to the IEPF Authority shall remain frozen until the rightful owner claims the shares. The shares held in such DEMAT account shall not be transferred or dealt with in any manner whatsoever except for the purposes of transferring the shares back to the claimant as and when he approaches the Authority.

All benefits except rights issue accruing on such shares e.g. bonus shares, split, consolidation, fraction shares etc., shall also be credited to IEPF Fund.

Any further dividend received on such shares shall be credited to the IEPF Fund.

(C) Unpaid/ Unclaimed Dividend

In terms of the provisions of the Companies Act, 2013, dividends remaining unpaid/ unclaimed for a period of seven years have to be statutorily required to be transferred to the Investor Education and Protection Fund (IEPF) administered by the Central Government.

Unclaimed Dividend in respect of the Financial Year 2018-2019 is due for transfer to Investor Education and Protection Fund on 28^th October, 2026 in terms of Section 124 of the Companies Act, 2013. Members who have not encashed their Dividends for the financial year ended March 31, 2019 are requested to lodge their claims with the Company or with RTA on or before 15^th

October, 2026.

In respect of the dividend declared for the financial year ended March 31, 2019, the Company will not be in a position to entertain any claims received after October

15, 2026. Further, in accordance with the provisions of Section 124(5) of the Companies Act, 2013, the

Company will be required to transfer to the Investor Education and Protection Fund (IEPF) the shares pertaining to those shareholders who do not claim their dividend for the financial year 2018-19 within the consecutive period of seven years.

36. Listing

The Equity Shares continue to be listed on the BSE Limited (BSE) and the National Stock Exchange of India Limited

(NSE). Both these Stock Exchanges have nation-wide terminals and therefore, shareholders/Investors are not facing any difficulty in trading in the shares of the Company from any part of the country. The Company has paid annual listing fee up to the Financial Year 2025-26 & 2026-27 to BSE & NSE.

37. Industrial Relations

During the year under review, your Company enjoyed cordial relationship with workers and employees at all levels.

38. Cost Auditors & Auditors Report

Maintenance of Cost records as specified by the Central

Government under sub-section (1) of Section 148 of the

Companies Act, 2013 is applicable to the Company and accordingly such accounts and records have been made and maintained by the Company for the Financial Year ended

March 31, 2026.

In conformity with the directives of the Central Government, the Company had appointed M/s Bhanwarlal Gurjar & Co., CMA, Surat, (Membership No. 22597), as the Cost Auditors u/s 148 of the Companies Act, 2013, for the audit of the Cost accounts for the Financial year ended on 31^st March, 2026 at a remuneration of 2,50,000/- plus GST and reimbursement of actual expenses, if any. The remuneration is subject to ratification by members in the forthcoming Annual General

Meeting of the Company in terms of Section 148 of the

Companies Act, 2013 read with Companies (Audit and Auditors) Rules, 2015.

The Board of Directors, on recommendation of Audit Committee, has appointed, M/s Bhanwarlal Gurjar & Co., CMA, Surat, (Membership No. 22597), as Cost Auditors of the Company for the Financial Year 2026-27. In terms of the provisions of Section 148(3) of the Companies Act,

2013 read with the Rule 14(a)(ii) of the Companies (Audit and Auditors) Rules, 2014, the remuneration of the Cost Auditors has to be ratified by the members. Accordingly, necessary resolution is proposed at the ensuing AGM for ratification of the remuneration payable to the Cost Auditors for the Financial Year 2026-27.

39. Other Disclosures a) The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Meetings of the Board of Directors, its Committees, General Meetings & Postal Ballot. b) None of the Auditors of the Company have reported any fraud as specified under the second proviso of Section 143(12) of the Companies Act, 2013 (including any statutory modification(s) or re-enactment for the time being in force).

40. Acknowledgements

Your Company and its Directors wish to extend their sincere thanks to the Members of the Company, Bankers, Central Government , State Government, Local Bodies, Customers, Suppliers, Executives, Staff and workers at all levels for their continuous co-operation and assistance.

	On behalf of the Board of Directors
	Ramvilas Maheshwari
Place : Mumbai	Chairman & Managing Director
Date : 25th August, 2026	DIN: 00250378